Bitpay tightens leash on its users, moving to a more ‘compliant’ ecosystem

The new Terms and Conditions

Bitpay, a digital asset service provider based out of the US recently updated its Terms of Use agreement on February 2. The new rules stipulate that the services provided by the company would be subject to several restriction, including but not limited to sale of sexually explicit content.

There is a huge list of prohibited activities including sale of research chemicals, narcotics or any controlled substances; items that violate intellectual property rights; firearms, explosives, ammunition, even fireworks; transactions with concerns to pyramids, Ponzi schemes; services in cloud mining and debt settlements; any other services that rival that of Bitpay.

The company’s Terms also list “restricted activities,” which are subject to internal review and only allowed when expressly authorized by Bitpay. These include Forex, Money Service Business activities or E-wallets; selling bitcoin mining hardware; Currency exchange services; and transaction that are associated with purchases of lottery tickets, lay-away systems, banking, offshore banking, finance, investing, investment related products or gambling.

The 2 month window

To go even further, in the aftermath of this update, Bitpay is going out of its way to scan and review its partner websites for compliance to the same. If these do not pass this check, Bitpay is going ahead to severe ties. One porn creator posted on an online forum saying that he has received a notice from Bitpay to find an alternative service and leave within 2 months.

A screenshot has been uploaded by Saffron, which shows a message they received form Bitpay reading, “Due to a recent update in our Terms of Use, we will soon no longer be processing payments for merchants which provide sexually explicit content. We understand that switching payments processors can be a costly change for any business. You will have two months to find an alternative payments provider before your Bitpay accounts is disabled. Your account will be disabled on April 25,2018”

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